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Monday, February 23, 2009

PANORAMA CITY "B.I.D." APPROVED

1979 faded mural of bathing beauties at Venice Beach - Archives of The Museum of the San Fernando Valley. (click on image to enlarge)

The following is an excerpt from the Panorama City Neighborhood Council's PANORAM PRIDE newsletter for February 22, 2009

On Tuesday, February 10, the (Los Angeles) City Council voted in favor of a proposal for a Panorama City Business Improvement District. Ballots from property owners were then opened and counted in a room at city hall. Owners with 72 % of the BID's assessment value voted in favor of the BID. The next day, the council approved an ordinance creating the BID. The Mayor signed it on February 19.
A BID is created by local businesses or property owners to tax themselves for funds to improve their business area. The Panorama City BID is the result of a four-year effort led by Cesar De La Cruz of Agora Realty. He and Sean Hashem of Y2K Capital/Valley Gateway Building co-chair the formation committee. The next step is creation of a non-profit corporation to manage the tax funds. Funds will be used for sidewalk cleanup, landscape maintenance, increased security, and the arts.
The BID is a prerequisite for an investment of $4.5 million by the city's Community Redevelopment Agency in a major streetscape project for the central business district. The CRA project will install new sidewalk treatments and furniture, street trees, crosswalks, and "Welcome" signs at five entry points to the district. Hear more about the BID at the PCNC Commerce commitee meeting Tuesday, March 10, 2:30 p.m. at Wells Fargo Bank, 8548 Van Nuys Bd.

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